Automated investment data management provider Confluence Technologies has agreed to acquire RegTech firm Compliance Solutions Strategies (CSS) for an unknown sum.
The transaction is expected to close in the fourth quarter of the year.
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Founded in 2017, CSS offers regulatory software platform that allows financial services firms to comply with mandatory regulatory requirements.
The New York-headquartered firm serves more than 600 clients globally, including asset managers, and hedge funds.
CSS also provides services such as regulatory reporting, investment monitoring, transaction reporting and compliance programme management.
The deal is part of Confluence’s strategy to strengthen its regulatory compliance offering. The combined firm will have capabilities for enterprise risk, regulatory reporting and compliance.
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By GlobalDataConfluence CEO Mark Evans said: “We see tremendous demand in this space as global regulators continue to refine and expand compliance and reporting obligations, furthering the need in the market for technology that streamlines operational efficiencies and drives scale.
“The CSS and Confluence offerings are highly complementary and together we will continue to deliver a truly innovative, end-to-end regulatory solution to our clients.”
CSS CEO Doug Morgan said: “Confluence is an innovator in the investment management industry with highly complementary solution capabilities and a stellar reputation earned by helping clients manage complex requirements.
“This compelling combination will accelerate the efforts of both organisations in driving the digital transformation of regulatory compliance for our clients.”
Confluence is backed by Clearlake Capital Group and TA Associates.
In 2019, the firm purchased StatPro Group, a technology provider for asset managers, in an all-cash deal worth around £161.1m.
